Live Webinar - UDAAP & Junk Fees-What You Need to Know - November 13, 2024
Presented by
Maureen Carollo, CRCM, CAMS
1:30 pm – 3:30 p.m. CT
UDAAP continues to evolve and now “junk fees” have become an issue with the regulators. With new proposals coming out that address what junk fees are, can banks continue to operate with the “business as usual” mindset?
Recently, the CFPB has been particularly focused on junk fees—unexpected or hidden fees that consumers often encounter in banking and other financial services. These fees can include overdraft fees, non-sufficient funds (NSF) fees, and various other charges that can add up and surprise consumers. The CFPB has taken several steps to address these issues, including proposing new rules that prohibit certain types of junk fees and expanding its enforcement efforts to prevent unfair discrimination in financial products/
In January 2024, the CFPB proposed a rule to block banks and other financial institutions from charging NSF fees on transactions that are declined in real time, such as declined debit card purchases and ATM withdrawals. This proposed rule is part of the CFPB's broader initiative to reduce exploitative junk fees and save households billions of dollars each year. The CFPB has also been working to uncover and eliminate illegal junk fees in various financial markets, including bank accounts, mortgages, and student and auto loans.
UDAAP is here to stay but now you need to be aware of additions from the regulators that are now off limits. This session will help you digest what is and is not a junk fee and what will continue to be covered by this new category.
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Maureen Carollo, CRCM, CAMS
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